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Map: Mill Avenue and University Drive

The development deal also calls for a conference center and hotel. Crews are expected to break ground on the complex later this year and it should be ready to open by the end of 2015.

USA Place will be located on 10.5 acres of land at Mill Avenue and University Drive. Arizona State University owns that land. A Chili's restaurant sits on the land right now, along with parking lots and what used to be a shopping center. ASU plans to lease the land long-term to the company that will develop USA Place.

The project, which is expected to bring some 300,000 people to Tempe every year, will be privately funded so it will not cost taxpayers a cent.

In addition to putting together the men's and women's Olympic teams, USA Basketball, which is currently headquartered in Colorado Springs, Colo., builds rosters for the world championships and other international competitions.

The state-of-the-art basketball facility at USA Place will have five full courts, two half-courts and a 4,500-seat event center.

“This is an exciting and an incredible opportunity that offers nothing but positives for USA Basketball,” USA Basketball chairman and former Phoenix Suns CEO Jerry Colangelo said in a news release. “The new USA Basketball headquarters and training center will be first-class, state of art facilities, something I know we will be very proud of."

In addition, USA Place will feature a 330-room luxury hotel and a 30,000-square-foot conference center, both operated by Omni Hotels and Resorts, as well as apartments above office and retail space.

“USA Place promises to be one of the most dynamic commercial and residential urban spaces in the U.S., and we are thrilled to add the Omni Hotels & Resorts flag to such a vibrant project,” Mike Deitemeyer, president of Omni Hotels & Resorts, said in a news release. “Clearly, USA Place will be a hub of year-long activity for sports, business, tourism and local commerce."

USA Basketball tried to relocate to Arizona in 2008. A deal that would have put the organization's headquarters in Glendale collapsed when the private developer behind the project could not wrap up the financing.

USA Basketball has shared facilities with other sports at the U.S. Olympic Training Center in Colorado Springs since 1993. Colorado Springs also is home to the U.S. Olympic Committee.

The city of Tempe and the Arizona Board of Regents still have to approve the development plans and related agreements.